Key Points
- Spot Bitcoin ETFs in the US have seen a net inflow of $254.82 million, breaking a two-day outflow streak.
- Spot Ethereum ETFs, on the other hand, registered $39.08 million in net outflows, marking a three-day outflow streak.
The week has started with spot Bitcoin and Ethereum exchange-traded funds (ETFs) in the US moving in opposite directions. This comes as the broader cryptocurrency market is in a consolidation phase.
Bitcoin ETFs Break Outflow Streak
SoSoValue data indicates that the 12 spot Bitcoin ETFs logged $254.82 million in net inflows on Nov. 18. This breaks a two-day streak of outflows, which saw $770.77 million leave the funds.
Leading the group was BlackRock’s IBIT with $89.33 million in inflows. This fund, which holds $43.12 billion in net assets, has already surpassed its iShares Gold Trust.
Fidelity’s FBTC and Grayscale Bitcoin Mini Trust also contributed to the inflows with $59.95 million and $54.39 million, respectively. Other funds like Bitwise’s BITB, ARK 21Shares’ ARKB, VanEck’s HODL, and Grayscale’s GBTC also recorded inflows. The remaining five spot Bitcoin ETFs remained neutral for the day.
Ethereum ETFs Experience Outflows
In contrast to Bitcoin ETFs, spot Ethereum ETFs registered $39.08 million in net outflows, according to SoSoValue data. This starts the second trading week for these new investment products with a three-day outflow streak, with over $102.19 million leaving the funds.
The majority of the outflows came from BlackRock’s ETHA, which saw $23.91 million exit the fund. Grayscale’s ETHE and Ethereum Mini Trust also recorded outflows. The only exception was Fidelity’s FETH, which reported inflows of $3.17 million on the day. The remaining five ETFs saw no activity.
The differing momentum between spot Bitcoin and Ethereum ETFs comes as the global cryptocurrency market capitalization remained relatively stable, experiencing only a 0.3% drop over the past 24 hours, according to data from CoinGecko.
Despite the broader market consolidation, Bitcoin (BTC) rose by 0.9%, trading at $91,533 at the time of writing. Ethereum (ETH) also witnessed a 0.7% rise over the past day and was valued at approximately $3,133.